The insurer priced 199.3 million new shares at HK$59.70 each, the top of a HK$53.70 to HK$59.70 range, added IFR, a Thomson Reuters publication.

ZhongAn was founded by Alibaba Group Holding Ltd Executive Chairman Jack Ma, Tencent Holdings Ltd Chairman Pony Ma and Ping An Insurance Group Co of China Ltd Chairman Ma Mingzhe. The insurer did not immediately reply to a Reuters request for comment on the price.

Japan’s SoftBank Group Corp agreed to buy a total stake of just under 5 percent for about $550 million in ZhongAn as part of the IPO, the deal’s prospectus showed. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto)